Derivative transaction reporting

On 9 July 2013, ASIC made the ASIC Derivative Transaction Rules (Reporting) 2013, which set out the requirements for counterparties to report derivative transaction and position information to derivative trade repositories.

Commencement of Phase 3B reporting

The ASIC Derivative Transaction Rules (Reporting) 2013 were made in July 2013. The rules required phase 3 entities to commence reporting in October 2014. In June 2014, ASIC provided 12 months relief for phase 3B entities to allow an additional year to prepare for the commencement of reporting on 12 October 2015. To further support entities' preferences for the circumstances in which they were to report, in February 2015 ASIC amended the rules to provide a safe-harbour for entities looking to delegate their reporting obligations.

During the long lead time for this initiative, ASIC has consistently encouraged all entities to be prepared for the commencement of phase 3B reporting on 12 October 2015.

We have been monitoring industry's readiness to meet trade reporting obligations. We are aware that following the making of the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 some entities have revised business decisions about whether they can rely on single-sided reporting or whether to establish other trade reporting arrangements, such as delegated reporting. As such, some of these entities may not have completed the steps needed to meet their reporting obligations for the 12 October 2015 start date.

In light of this, ASIC has extended the commencement date for phase 3B reporting to 4 December 2015. The extension should provide sufficient time, for those who require it, to put in place final arrangements for the last phase of trade reporting in Australia. This does not prevent entities that are ready from commencing reporting on Monday 12 October.

Single-sided transaction reporting

On 8 September 2015, the Corporations Amendment (Central Clearing and Single-Sided Reporting) Regulation 2015 amended the Corporations Regulations 2001, providing relief from the reporting requirements in the ASIC Derivative Transaction Rules (Reporting) 2013 for entities with low levels of OTC derivatives transactions. The relief allows single-sided reporting for these entities, provided the transactions are concluded with entities that are already required or have agreed to report.

Regulated foreign markets determination

On 19 September 2013, ASIC published a determination under Rule 1.2.4(3) of the ASIC Derivative Transaction Rules (Reporting) 2013, specifying a list of regulated foreign markets in foreign jurisdictions. The determination took effect from 20 September 2013.

Derivative transaction reporting regulation

On 27 November 2014, the Corporations Laws Amendment (2014 Measures No. 3) Regulation 2014 was made, making the 'end user' exemption from ASIC's rule making powers permanent and implementing a number of other measures to ensure the effective operation and enforcement of the derivatives trade reporting regime, including the facilitation of international requests for derivative trade data.

ASIC consults on repealing class order on FSG exemption for market-making services on a licensed market

5 December 2016

We have released a consultation paper proposing to repeal Class Order [CO 03/578] Financial Services Guide exemption for market-making services on a licensed market, which is due to expire (‘sunset’) in 2017.

ASIC and Morgans Financial Limited have agreed for an independent compliance consultant to monitor, evaluate and report on Morgan’s implementation of recommendations arising from an independent review of its compliance measures.